Whether you’re renovating now or in the future, it’s always wise to be prepared. Creating a budget is one of the first steps to consider. However, even with a budget planned to the last finishing, you may overspend due to any number of unforeseen snags.
Here are four tips to stay on top of your renovation costs.
When creating a budget, some home-owners make the mistake of setting a tight budget. They want to keep costs low by doing the work themselves, shop for wholesale items and base their budget on anticipated figures. If there is no allowance for contingencies or flexibility of work, they have already set themselves up for greater expenses.
Be honest about how much money you’re willing to save, even if it inflates your initial budget more than you expect. If you don’t like DIY projects or lack the skills, be realistic about the cost of using professional builders ‒ they may save you money in the long-run. Shop around for an estimate and set your budget at a realistic level rather than the lowest possible cost.
Specificity is one of the best ways to stay on top of your budget. Before hiring a building contractor, be sure to have a clear picture of what you want your living space to look like. Consider all the materials you want to use and what changes you need to make to your current layout.
The more details you tell your building contractor, the closer they’ll get to a realistic estimate of your project’s overall price. Your goal is to make your specification detailed enough so that the only difference between your estimate and your contractor are labour costs. Their material costs may be cheaper since they have better knowledge of building suppliers.
Stick to the Plan
Once your renovation is in progress, it can be tempting to add modifications. For example, you may consider changing the outdated flooring in your living room or renovating some of your kitchen. Although it may be easier to renovate another room in your house while the builders are working, remember your financial limits and avoid costs ballooning out of control. Consider budgeting the same way as your current project, so even if you decide on starting it after your current renovation project, you’ll feel in control of your money.
Expect the Unexpected
Even the tightest budgets need to have room to cover unforeseen expenses. Sometimes, renovating a room uncovers a maintenance issue that needs immediate attention. It may change your renovation plan, especially if there are structural implications. Make sure your budget has some flexibility to meet unforeseen costs so that you’ll be able to cover the added expense.
Choose Qualified Builders
Looking for the right builders for your renovation project? Contact Qualified Building Solutions for your next project. We specialise in house renovations in Auckland, including a full range of services such as building, trades, interior decorating and more. We handle renovations of all sizes from standard kitchen renovations to complete home transformations.
After telling us your plans, we’ll help you stay on track with your budget. Give us a call on 021-217-0003 to start your project.